Recently got offer from Microsoft for SDE2 L61

Year of Experience : 4.5 yrs
Previous Company : Product Based MNC
Previous Total CTC : 22 LPA

Base : 23 LPA
Performance Bonus : 20% on the Base
Joining Bonus : 2L (1st yr) + 1L (2nd yr)
Stock : 50K USD invested over 4 years

Total CTC (including Joining Bonus and Stock) : 39.5 LPA

Is this a Low ball for L61?